10 November 2010

What is the best Charting Software?

10 November 2010

Caveats •  Charting software is a very personal decision

–  Forgive my personal biases –  Apologies if I offend you with my comments –  Everyone has a “horror story” & traders are demanding

•  Over 50 charting programs mentioned –  Could well have some details wrong –  Only have personal experience of 12

•  Not trying to change your mind, only help if you’re starting out or thinking of changing

10 November 2010

Compromise between 3 biases

Methodology Broker

Data

10 November 2010

Methodology bias: in-built tools

•  AdvancedGET * •  ASCTrend * •  Auto. Pattern Search •  Dynamic Trader •  ELWave •  Fibonacci Trader •  Market Club (INO) •  MT Predictor *

•  NeuroShell Trader •  OmniTrader (Nirvana) •  OptionVue •  TradeNavigator (Genesis) •  VectorVest •  VSA (TradeGuider) * •  Wave59 •  Wizetrade

* Making tools available for other platforms

10 November 2010

Broker bias: execution & easy

•  TraderWorkstation (IB) •  QuoteTracker / ThinkOrSwim (TD Ameritrade) •  Wealth-Lab (Fidelity) •  MBT Navigator (MB Trading) •  J-Trader / Strategy Runner (Advanced Futures)

•  BracketTrader (IB add-on) •  ButtonTrader (IB add-on)

* Possibly include TradeStation

10 November 2010

Data bias: coverage & quality

•  AIQ / myTrack (TrackData) •  Bloomberg •  CQG •  DTN.IQ •  eSignal / Qcharts •  IQ Chart •  Thomson Reuters / Metastock

10 November 2010

4th Option = “Open”

Methodology Broker

Data

10 November 2010

12 “Open” Charting Options

•  Amibroker •  Ensign Windows •  eSignal * •  Investor RT •  Metastock * •  MetaTrader

•  MultiCharts / MCFX •  Neoticker •  NinjaTrader •  Sierra Chart •  Tradecision •  TradeStation

* eSignal & Metastock included in “Open”

10 November 2010

Large user base = Development + 3rd Party Tools

•  Amibroker •  Ensign Windows •  eSignal •  Investor RT •  Metastock •  MetaTrader

•  MultiCharts / MCFX •  Neoticker •  NinjaTrader •  Sierra Chart •  Tradecision •  TradeStation

10 November 2010

eSignal Pros & Cons •  Pros

–  Integrated charting & data feed –  Most complete data feed coverage + news –  Extensive 3rd party tools (GET, Ehlers, Arps, Kase, etc.) –  Active forum & investing in platform

•  Cons –  Interface not particularly user-friendly –  Script language (EFS) not particularly easy –  Some users complain of latency & resource hogging

•  Cost: $165 - $179 pm + exchange fees

10 November 2010

Metastock Pros & Cons •  Pros

–  Range of 3rd party tools (ETS, Bressert, etc.) –  Extensive data feed coverage + news (only 2 options) –  Active forum

•  Cons –  More focused on EOD & equities –  Not investing in platform & falling behind

•  Cost: $1,395 - $1,695 lifetime or $100 pm + data feed (~$90 - $135 pm) + ex. fees

10 November 2010

MetaTrader Pros & Cons •  Pros

–  Automated trading with Expert Advisors (EAs) –  Fast charting & execution –  Integration with many (small) brokers

•  Cons –  Forex, Futures, CFDs only (equities with MT5) –  Limited timeframes & in-built indicators –  Script language not easy, programmer focus

•  Cost: Free program (paid by broker, commission)

10 November 2010

MultiCharts Pros & Cons •  Pros

–  Script language (Easylanguage) & active forum –  Mix symbols & timeframes, second & year timeframes –  Integration with many data feeds & brokers –  Portfolio back-testing, genetic-optimization & fast

•  Cons –  ???

•  Cost: $1,497 lifetime or $66 - $99 pm + data feed (~$60+ pm) + exchange fees

10 November 2010

NinjaTrader Pros & Cons •  Pros

–  Integration with many data feeds & brokers –  SuperDOM & advanced trade management –  Extensive 3rd party tools (Jurik, MTPredictor, Kase, etc.) –  Active forum

•  Cons –  Script language (NinjaScript, C#) not particularly easy –  Personally don’t like look of charts –  Automated trading & back-testing heard good & bad

•  Cost: $995 - $1,196 lifetime or $50 - $60 pm + data feed (~$60+ pm) + exchange

10 November 2010

TradeStation Pros & Cons •  Pros

–  Integrated charting & data feed (incl. volume @ bid/ask) –  Integrated broker & automated trading –  Script language (Easylanguage) & active forum –  Extensive 3rd party tools (300+)

•  Cons –  US-centric data feed (now fundamental, COT & Euro) –  Mixing symbols & timeframes, portfolio back-testing –  Expensive if not using TradeStation brokerage service

•  Cost: Free (10 round-trip contracts*) or $250 pm + data feed (~$25+ pm) + exchange

* $4.70 Emini round-trip is competitive

10 November 2010

Cost is important but … Software Per Month Demo Available

•  eSignal $165 30-day free trial

•  Metastock $235 No free trial adv.

•  MetaTrader Free Free

•  MultiCharts $156 30-day free trial

•  NinjaTrader $140 Free, pay live trading

•  TradeStation $25/$275 60-day free trial * Per month excludes

exchange fees * Via 3rd party partners

10 November 2010

Before making final decision •  Check out the individual Forums

•  Read EliteTrader.com & Trade2Win.com reviews

•  Read trader magazine reviews

•  Google search: platform + review/problem/issue

•  Demo to test your markets/charts setup & needs

10 November 2010

Summary •  If you have a Methodology bias then your options will

be simpler/more limited & may well change/evolve

•  If you have a Broker bias & simpler charting needs then focus on pricing & functionality

•  If you have a Data bias & simpler charting needs then focus on market coverage & ease-of-use

•  If you want sophisticated charting & more flexibility: –  eSignal: Integrated full data + charting + your broker –  MultiCharts: TradeStation with bells + your data & broker –  NinjaTrader: Trade management + your data & broker –  TradeStation: Integrated data + charting + broker $25pm

10 November 2010

Emini-Watch.com